In this work it was intended to carry through an analysis of the European venture capital market in the last eight years. Also it was done a summary of the venture capital industry history, carrying through a comparison between U.S.A. and Europe.
In the European venture capital market analysis it was pointed out aspects about the investment totals, fundraising, investors types and investments types.
Among others conclusions, it was found that the banks and pension funds are the main suppliers of capital, that it is a market traditionally domestic and that, in totals invested, the buyout investments are the ones that possess greater representation, but when analyzed the numbers of realized investments it is the expansion investment that predominate.

The book should stimulate a vigorous
discussion on how to best revise the reform agenda for
capital market development in emerging economies going
forward. This effort should involve not only country
authorities but also academics and advisers from
multilateral agencies such as the World Bank. The
complexities highlighted in the book invite intellectual
modesty, eclecticism, and constant attention to country
specificity. While it does not provide detailed policy
prescriptions, the book does point to issues that cannot be
ignored and puts forward provocative questions for the
policy debate. The policy discussion in the book is
particularly interesting with respect to the following
aspects: internationalization of stock markets and local
currency debt markets. This paper contains the following
headings: whither capital market development; developments
in capital markets; factors behind the development and
internationalization of capital markets; and whither the
reform agenda.

This paper studies the relation between
institutional investors and capital market development by
analyzing unique data on monthly asset-level portfolio
allocations of Chilean pension funds between 1995 and 2005.
The results depict pension funds as large and important
institutional investors that tend to hold a large amount of
bank deposits, government paper, and short-term assets; buy
and hold assets in their portfolios without actively trading
them; hold similar portfolios at the asset-class level;
simultaneously buy and sell similar assets; and follow
momentum strategies when trading. Although pension funds may
have contributed to the development of certain primary
markets, these patterns do not seem fully consistent with
the initial expectations that pension funds would be a
dynamic force driving the overall development of capital
markets. The results do not appear to be explained by
regulatory restrictions. Instead, asset illiquidity and
manger incentives might be behind the patterns illustrated
in this paper.

Lebanese capital market is relatively
small as the financial market is dominated by the banking
sector. It is apparent that banks dominate financial
intermediation in Lebanon to the extent it may inhibit the
development of capital markets. Government sees the need to
develop capital markets to help finance corporate growth and
infrastructure development. It is incumbent on the
Government to establish a comprehensive capital market
development program, which includes efforts to increase
supply and demand, strengthen supervision and enforcement,
and must be accompanied by an effective outreach campaign,
both domestically and internationally. On the demand side,
creating a steady flow of investment into instruments with a
long-term horizon, primarily from the pension and insurance
sectors, will help grow the markets. Increased demand from
institutional investors and issuance by large companies will
attract more companies to the capital markets. All these
efforts need to be complemented by the issuance of effective
regulations...

The link between pension reform, and
capital market development, has become a perennial question,
raised every time the potential benefits, and pre-conditions
of pension reform are discussed. The author asks two
questions. First, what are the basic "feasibility"
pre-conditions for the successful launch of a pension reform
program? And second, what are the necessary
"impact" pre-conditions for the realization of the
potential benefits of funded pension plans for capital
market development? His main conclusion is that the
feasibility pre-conditions, are not as demanding as is
sometimes assumed. In contrast, the impact pre-conditions
are more onerous. The most import feasibility pre-condition
is a strong, and lasting commitment of the authorities to
maintaining macroeconomic, and financial stability,
fostering a small core of solvent, and efficient banks, and
insurance companies, and creating an effective regulatory,
and supervisory agency. Opening the domestic banking, and
insurance markets to foreign participation...

This thesis seeks to explain the variation in pathways to the convergence with transnational standard in capital market governance in two countries from Central and Eastern Europe / Poland and the Czech Republic. Although markets for shares in these countries are now governed in similar way and in line with transnational principles, their openness to external governance model varied, and they adopted it at different speed and accuracy. While in Poland the transfer of rules was voluntary and preceded the opening of market, the Czechs resisted the standard solutions. This thesis shows that theoretical approaches which focus on the mechanisms of transnational norm taking cannot fully explain why two countries which shared many similarities and were under the influence of the same external actors acted so differently when it came to organizing capital market governance. Membership incentives offered by the European Union were not necessary to elicit convergence in one case and they were not sufficient in another. At the same time transnational capital market community, which diffused capital market governance standards, had a profound effect on one country eliciting deep and sustainable convergence, and negligible impact on another. By distinguishing between different degrees of convergence and focusing on the interplay of domestic and external factors...

This paper combines income and expenditure with time use data to provide a unique picture of the time paths of labour supplies, saving and full consumption for two-adult households over the life cycle. These data are used to test the life cycle model presented in the paper, at the core of which is the hypothesis that households face a borrowing interest rate that rises sharply with the amount of non collateral based borrowing. The household members jointly choose time paths of time use, consumption and saving over their life cycle in the face of this capital market imperfection. This model explains the data much better than does the alternative hypothesis of a perfect capital market. Finally, households are shown to differ significantly in their saving behaviour in a way that depends on secondary earner labour supply, with a strong positive association between saving and the secondary earner's income.; no

Securities markets in Mexico are orderly
and relatively innovative; however, corporate markets lag
behind those in comparator countries. The government bond
market accounts for the bulk of the fixed-income segment,
and is well developed and active. While financial savings
rates have been growing, little has been transformed into
long-term investments. Most of the savings remain in
traditional savings accounts. Institutional investors still
hold the bulk of their assets in government bonds. Mexico
will need to find solutions to further develop its capital
market to fund its development needs. In the infrastructure
sector alone, the country needs approximately US$230 billion
of new investments. In the corporate sector, provision of
financing by banks fare well below peers, especially for
small and medium enterprises. Meanwhile, the pension fund
industry, growing at about US$20-US$30 billion annually,
requires sound investment outlets. The large concentration
in the control of financial intermediaries raises complex
issues and may stunt market development. The investor base
in the equity market lacks diversity...

Over the past decades, many countries
have implemented significant reforms to foster capital
market development. Latin American countries were at the
forefront of this process. The authors analyze where Latin
American capital markets stand after these reforms. They
find that despite the intense reform effort, capital markets
in Latin America remain underdeveloped relative to markets
in other regions. Furthermore, stock markets are below what
can be expected, given Latin America's economic and
institutional fundamentals. The authors discuss alternative
ways of interpreting this evidence. They argue that it is
difficult to pinpoint which policies Latin American
countries should pursue to overcome their poor capital
market development. Moreover, they argue that expectations
about the outcome of the reform process may need to be
revisited to take into account intrinsic characteristics of
emerging economies. The latter may limit the scope for
developing deep domestic capital markets in a context of
international financial integration.

The World Bank undertook a study project
on Vietnam s capital markets and sent a mission to Vietnam
from May 15 to May 27, 2005. This report is the result of
the study project. The objectives of the project were to
review, analyze and evaluate the situation of Vietnam s
securities markets vis-a-vis experiences of other developing
countries, including transition economies; to work with the
officials of the State Security Commission of Vietnam (SSC),
to make specific recommendations for a five-year plan of
Vietnamese capital market development in light of policy
implementation sequence and priorities; to make suggestions
on the draft of the Action Plan for Securities Market
Development for the period of 2006-2010 and comment on the
Prime Minister's Decision No 163 on the Strategy for
the Development of Vietnam's Securities Market up to
year 2010; and to identify desirable capital market-related
projects and programs to be administered by the Bank in line
with Vietnam's overall economic development strategy.
This report is organized as follows: Sections 2 and 3 will
overview Vietnam's macroeconomic situation and the
financial markets in Vietnam. Section 4 will examine SOE
equitization...

Bulgaria's financial integration
with Europe has been essential in financing economic
transition and spurring economic growth. As the sovereign
debt turmoil in Europe casts a cloud over the financial
sector, the development of capital markets over the medium
term may offer a beneficial diversification of the financial
system. Bulgaria began aligning its regulation of securities
markets to European Union (EU) standards when its EU
accession process began and introduced the Markets in
Financial Instruments Directive (MiFID) in November 2007
along with other EU countries. This report aims to assess
the implementation of MiFID in Bulgaria, to provide an
initial view on the impact it had on the Bulgarian
securities markets, and to draw lessons about the
experience. The report not only offers concrete suggestions
for stimulating development of the capital market to the
benefit of firms and investors, but it also aims to
stimulate further debate about how to organize the
securities market infrastructure for long-term development.

This study examines the relation between accounting and capital market risk measures for a sample of 46 listed Asian banks during the period 1998-2003. By applying a panel data analysis that includes a control for country-specific factors, the results sho

Mestrado em Finanças; Este trabalho faz a estimativa da Fronteira Eficiente de Markowitz e da Linha de Mercados de Capital para o mercado bolsista Português, considerando dois diferentes períodos, antes e depois da crise financeira de 2008. Os resultados mostram um forte impacto no GMV portfólio e no portfólio de mercado, com conclusões surpreendentes. A sensibilidade dos resultados perante a dimensão do período é também considerável.; This work estimates the efficient frontier of Markowitz and the capital market line for the Portuguese stock market, considering two different periods, before and after the 2008 financial crisis. The results show the strong impact on the global minimum variance portfolio and the market portfolio, with surprising conclusions. The sensitivity of the results to the period?s length is also considered and remarkable.

This paper studies the integration of the Mexican Stock Exchange (MSE) into the World Capital Market (WCM). We detect a long-run equilibrium relationship, despite the effects of structural breaks associated to different financial crises during our period of analysis (1987-2012). The analytical approach begins with the estimation of a bivariate VECM in the mean, including several dummy variables that capture the main crisis episodes that took place during the estimation period. Next, we specify a VARMA-GARCH model with Dynamic Conditional Correlation, and, finally, we fit a Clayton copula to returns, conditional on two volatility regimes (low and high), in order to further understand the nature of their dependence structure.